Define Rounding Rules for Currencies

[shah_viraj]

Hi,

I searched on this topic on SCN but not able to get clear explanation on it. I want to understand how the Rounding Rule works in FICA and what is the logic behind the rounding functionality provided by Define Rounding Rules for Currencies node in SPRO. I am not able to understand how the system behaves when I define the configuration as attached in the screen shot. Please help me to understand the same.

Thanks

Viraj.

[AmlanBanerjee · Accepted solution]

Hi Viraj,

The configuration node for "Define Rounding Rules for currencies" in SPRO implies that for the given combination of company code/currency key for which payments are to be made, not in the smallest denomination, but in a multiple of it, you have to enter the currency unit (rounding unit) to which amounts are to be rounded.

In your scenario, as you are selecting the curency as INR, then as 50 Paisa is the smallest denomination for payment transactions, so for Indian Company codes and Indian rupee, you have to enter '50' in the rounding unit column.

Cash discount amounts are then rounded off to this currency unit.In the case of Indian Rupee amounts entered manually, that part of the amount after the decimal point must be divisible by 50.

Hope it helps..

Thanks,

Amlan

[shah_viraj]

Thank you so much Amlan..!!! That solved my doubt.!! I also checked it. Standard rounding works as you explained..!!

Thanks once again..!!